Dubai: The first state cryptocurrency is a fact!
The local government in Dubai has officially launched its own cryptocurrency, called emCash, local media reported. The crypt will be used to pay the government and non-governmental services.
According to Ali Ibrahim, Deputy Director-General at the Dubai Economy Ministry, tokens will be considered a legitimate means of payment "for various governmental and non-governmental payments, from your daily coffee and school fees to children, to utilities and money transfers."
Dubai embraces Blockchain technology
The flexibility and convenience of cryptocurrency make the decision winning for Dubai. The government is highly pro-block and sees it as the next big wave of life-changing technologies and wants to be a pioneer in adopting it. According to Ibrahim:
"The rapidly evolving economic environment and the incredible readiness to embrace innovative technologies have made Dubai the perfect place for us to do business. This project is a great example of the ambition to create an entirely new economic ecosystem. It will use block technology to make financial transactions cheaper, faster and safer. At the same time, we demonstrate the tremendous advantages of adopting this technology from governments, businesses, and customers. "
Blockchain technology, as a system for various services, is widespread in the country. Dubai is aiming to become a finite center for the Eastern world and has even recently signed deals that allow the sale of properties entirely in the battlefield.
The new cryptocurrency will bring the paradigm of admission in the country ahead.
image source - Instagram
I do not believe in any currency that has been created by any government.
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